ADR Report: NatWest gains; telecoms, technology shares slip

CBS.MarketWatch.com

LONDON (CBS.MW) -- National Westminster Bank PLC led U.K bank shares higher on Friday after it received a hostile takeover bid from Bank of Scotland PLC. Elsewhere, technology and telecommunications shares were dropping across the board after heavy U.S. losses Thursday.

Bank of Scotland' hostile bid's valued at $34.17 billion (20.85 billion pounds) for its larger U.K. rival NatWest. The offer is a premium of 19 percent on NatWest's closing price of 1046 in London on Thursday.

US-listed shares of NatWest

-- NatWest NW, +4.88%
gained 271.50 pence, or 26 percent, to 1,317.50. Volume was at 2,632,107. Shares in Bank of Scotland, which are only listed in London, were up 43.50 pence, or 6.2 percent, to 750, with volume at 2,570,119.

European technology and telecommunications shares took a hit after the technology-laden U.S. Nasdaq Composite
$compq
lost 108.33 points, or 3.8 percent, to 2,749.83 on Thursday, its fourth-worst point-loss ever. The Dow Jones Industrial Average
DJIA, +0.45%
fell 205.48 points, or 2.0 percent, to 10,318.59.

In Paris, STMicroelectronics SA, the integrated circuits manufacturer, was among the biggest losers in Europe. STMicroelectronicsSTM, -1.56%
fell 3.5 euros, or 4.4 percent, to 74.35. Volume was at 552,500.

- French telecommunications system and equipment maker, Alcatel SA "
fell 3.3 euros, or 2.5 percent, to 130.30. Volume was at 186,757.

In Frankfurt, Mannesmann AG, the engineering and telecommunications company, lost the most ground. Mannesmann shares soared on Thursday after the company announced it's splitting the engineering and telecommunications units.See full story

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